Saudi Arabia's games investment group has claimed it will spend $13bn to acquire 'a leading game publisher'.
In addition, Saudi Arabia state news said 2 billion riyals would be reserved for investments in “industry disruptors to grow early-stage games” and esports companies. Finally, 20 billion riyals will be invested into “mature industry partners” who add value and expertise to Savvy’s existing portfolio.
Saudi Crown Prince Mohammed bin Salman said in a statement: “Savvy Games Group is one part of our ambitious strategy aiming to make Saudi Arabia the ultimate global hub for the games and esports sector by 2030. “We are harnessing the untapped potential across the esports and games sector to diversify our economy, drive innovation in the sector and further scale the entertainment and esports competition offerings across the Kingdom”.
PIF, which is a sovereign wealth fund chaired by crown prince Mohammed bin Salman, has invested in numerous game developers in recent years.
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